Total acquires 51 per cent stake in offshore wind project in Scottish North Sea

Total has entered into an agreement with SSE Renewables to acquire a 51 per cent stake in the 1,140 MW Seagreen 1 offshore wind farm project for an upfront payment of £70 million and earn-outs up to £60 million subject to performance conditions. The project has reached a final investment decision and financial closing. Total has secured 70 per cent of external financing for its 51 per cent stake. The agreement also covers a potential capacity extension opportunity of up to 360 MW. The onshore construction began in the first quarter of 2020. The project is designed to meet the energy needs of around 1 million homes and will start producing renewable electricity by the end of 2022. The project will be built at a cost of around $3.7 billion.

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